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Thailand PMI March 2024

Thailand: Thailand manufacturing PMI shows improvement in March

The S&P Global Thailand Manufacturing Purchasing Managers’ Index (PMI) rose to 49.1 in March from 45.3 in February. As a result, the index remained below the 50.0 no-change threshold, but signaled a softer deterioration in manufacturing sector operating conditions compared to the previous month.

Key drivers behind the latest PMI reading include a slower decline in new orders and sustained output growth, despite a continued fall in new business. The rate of new order decline was notably slower, and output increased for the third consecutive month, reflecting growing manufacturer confidence in the 12-month outlook. This optimism, the strongest in nearly a year, was supported by stable supply chains and a slight reduction in employment, indicating manageable capacity pressures.

March saw a notable easing of inflationary pressures, with input prices falling for the first time in five months. This reduction in cost pressures contributed to only a fractional increase in output prices. Additionally, business sentiment in the manufacturing sector strengthened to its highest since May 2023.

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